Raoul Pal: The Journey Man

Crypto Bloodbath & Debt Dynamics ft. Richard Galvin

62 snips
Nov 13, 2025
Guest
Richard Galvin
Richard Galvin, CEO of Digital Asset Capital Management, dives into the shifting landscape of crypto. He discusses the impact of spot ETFs and stablecoins on market dynamics, emphasizing their role in traditional finance. With insights on decentralized asset trusts and evolving liquidity, Galvin analyzes Australia’s unique crypto environment. He touches on the resurgence of privacy coins and the exciting potential of AI and tokenized asset management. Expect a detailed exploration of how these elements interconnect and shape the financial future.
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INSIGHT

On‑Chain Growth Versus Price Disconnect

  • On-chain activity and revenues are hitting new highs while token prices fall, creating a major disconnect.
  • Richard Galvin says this inversion is one of the strongest he's seen in seven years.
INSIGHT

Cycle Dynamics Are Changing

  • The crypto cycle structure is changing because ownership shifted to institutions via ETFs and other flows.
  • Galvin expects the traditional four-year patterns to break as new owners view markets differently.
INSIGHT

DATs Need Differentiation To Survive

  • DATs (digital asset trusts) attempted to marry equity liquidity with crypto assets but faced indigestion and poor flows outside BTC/ETH.
  • Galvin predicts winners will emerge and operational DATs that support ecosystems will gain an edge.
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